Improved fuel economy

In the Industry 4.0 era, General Electric (GE) is ready to partner up with ASEAN member economies, including Vietnam, to realise the power of technology and innovation. Alex Dimitrief, president and CEO of GE Global, talked with Hoang Anh during his visit to Hanoi for the World Economic Forum on ASEAN 2018 – Entrepreurship and the Fourth Industrial Revolution. In the Industry 4.0 era, General Electric (GE) is ready to partner up with ASEAN member economies, including Vietnam, to realise the power of technology and innovation. Why do you think Industry 4.0 was chosen as the main theme for the World Economic Forum on ASEAN? The World Economic Forum (WEF) this year has gathered policymakers and focused on finding the optimal way to regulate Industry 4.0, hence the theme. It is a very important policy issue that goes beyond technical innovation and requires co-operation between the government, businesses, and the academia around the world. Industry 4.0, ranging from … [Read more...] about Fueling innovation throughout ASEAN

A range of indicators recorded in the first six months of 2018 demonstrated the booming Vietnamese economy. Its gross domestic product (GDP) grew 7.1 percent year on year, the fastest since 2011. The output of Vietnam’s manufacturing sector increased 13.1 percent on year. According to QNB analysts, the manufacturing boom fueled exports to annually surge 20 percent in the period compared to the 17 percent increase posted for the entire 2017. Vietnam's GDP grew 7.1 percent year on year, the fastest since 2011. Photo: chinhphu.vn The bank attributed manufacturing and export success to Vietnam’s ability to attract a large volume of foreign direct investment (FDI) into sectors like garment, footwear and electronics. FDI inflows in the Southeast Asian country also boomed, with total value estimated at 13 billion USD in the first half of this year, an annual increase of 11 percent. The GDP figure for 2017 was about 220 billion USD, according to the latest data … [Read more...] about Qatar National Bank names Vietnam as Asia’s newest ‘tiger’ economy

In a supplement to its Asian Development Outlook (ADO) 2018 report released last April, ADB forecasts 2018 growth for Asia and the Pacific at 6.0% for 2018 and 5.9% for 2019, in line with its previous projections. Excluding Asia’s newly industrialized economies, growth is forecast at 6.5% in 2018 and 6.4% in 2019, also unchanged from April.“Although rising trade tensions remain a concern for the region, protectionist trade measures implemented so far in 2018 have not significantly dented buoyant trade flows to and from developing Asia,” said ADB Chief Economist Mr. Yasuyuki Sawada. “Prudent macroeconomic and fiscal policymaking will help economies across the region prepare to respond to external shocks, ensuring that growth in the region remains robust.”In East Asia, growth picked up in Hong Kong (China) and Taipei (China), though growth forecasts are unchanged for the subregion at 6.0% in 2018 and 5.8% in 2019. The world’s second largest economy, … [Read more...] about Growth in Asia and the Pacific’s developing economies for 2018 and…

Deputy Minister of Natural Resources and Environment Tran Quy Kien speaks at a conference in Hanoi on July 11 to review the performance of the Vietnam Administration of Seas and Island in the first half of 2018. (Photo: baotainguyenmoitruong.vn) Hanoi (VNA) – Deputy Minister of Natural Resources and Environment Tran Quy Kien has stressed the need to continue reviewing, evaluating and improving policies, regulations, strategies and planning schemes involving the management of natural resources and protection of marine environment. There must be special attention paid to formulating legal documents on this matter, said Kien at a conference in Hanoi on July 11 to review the performance of the Vietnam Administration of Seas and Island (VASI) in the first half of 2018. Speaking at the event, VASI Director General Ta Dinh Thi said from January – June, the VASI directed its member units to promptly build legal documents and planning schemes on use of marine resources; and … [Read more...] about Improved rules, policies needed to protect marine resources

Vietnamese people are expected to take more trips abroad and increase their spending while overseas thanks to smooth economic expansion, according to a new study by global payments firm Visa. The Visa Global Travel Intentions (GTI) Study, which analyzed international travel trends and the behavior of more than 15,000 global travelers from more than 27 countries and territories, shows that Vietnamese travelers are expected to take on average nearly five trips abroad in the next two years, up from 3.5 trips in the last two years. Vietnamese travelers are also expected to spend more on their trips overseas. Each traveler is expected to spend an average of $1,100 per trip, up from $880. Up to 74 percent of travelers use credit or debit cards while booking their trips, but the majority prefer to carry foreign currency when they arrive at their destinations, according to Visa. The average time spent overseas by Vietnamese travelers was four nights per trip over the past two years, … [Read more...] about Vietnamese thirst for overseas travel grows in tandem with expanding economy: Visa